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Why Bitcoin Investors Aren’t Worried About This Price Pullback
Critiques of correlation between bitcoin and equities miss the fact that bitcoin adoption within traditional markets has been driven by a fiat collapse concern.
Updated Sep 14, 2021, 9:53 a.m. Published Sep 8, 2020, 7:00 p.m.
Critiques of correlation between bitcoin and equities miss the fact that bitcoin adoption within traditional markets has been driven by a fiat collapse concern.
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Today on the Brief:
- Stock market continues its descent
- Insider stock selling reached five-year high in August
- President Trump promises more aggressive decoupling from China
Our main discussion: Investors and the BTC price dip.
Over the last several weeks, bitcoin has pulled back from $12,400 to around $10,000. This dip has happened alongside a broader retracement in equities, led by falling tech stocks.
While some have levied correlation to equities as a failure of bitcoin, NLW argues this critique misunderstands the narrative that has driven accumulation from new holders over the last six months.
See also: The Case for $500,000 Bitcoin
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Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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